Payoneer Global Inc

Latest Results (18.05.2026):

Payoneer Global Inc — Fourth Quarter 2025: Payoneer reported solid core growth in 4Q25 with revenue excluding interest up 9% year‑over‑year (14% for full‑year 2025), total revenue of $274.7M (+5% YoY), improving adjusted EBITDA, and continued ARPU expansion, while interest income and GAAP net income for the full year were pressured by lower rates and one‑time items. Management emphasized unlocking higher‑margin growth in 2026 and signaled continued investment in regulatory and stablecoin capabilities.

Top‑line

4Q25 total revenue was $274.7M (+5% YoY). Revenue excluding interest rose 9% in 4Q and 14% for full‑year 2025. Interest income fell to $55.8M in 4Q25 (down 8% YoY) and $231.6M for FY2025 (down 10% YoY), reflecting lower market rates despite growth in customer funds (customer funds $7.9B as of Dec 31, 2025, +13% YoY).

Profitability

Adjusted EBITDA for 4Q25 was $68.5M, up 8% YoY; full‑year adjusted EBITDA was $271.7M (essentially flat YoY). Adjusted EBITDA excluding interest income showed marked improvement: $12.8M in 4Q25 (up 377% YoY) and $40.0M for FY2025 (up 192% YoY), consistent with management’s focus on higher‑margin growth.

GAAP results & cash flow

GAAP net income for 4Q25 was $19.0M (+5% YoY); FY2025 net income was $73.2M (down 40% YoY). Net cash provided by operating activities for FY2025 was $233.5M. Cash & cash equivalents were $415.5M and total assets were $8.96B as of year‑end.

Operational metrics

Payment volume grew ~10% YoY in 4Q and ~9% for FY2025. Active Ideal Customer Profiles (ICPs) declined ~4% YoY to 536k. ARPU rose 15% YoY (and +21% ex‑interest for the year), showing improved monetization. Take rate was 111 bps in 4Q25 (down ~5 bps YoY).

SMB segment performance

SMB customer revenue in 4Q25 was $197M (+9% YoY). Marketplace SMBs generated $122M (+4%), B2B SMBs $65M (+17%) — representing 30% of revenue ex‑interest — and Checkout was $11M (+25%). For FY2025, SMB revenue was $742M (+15% YoY) with strong B2B SMB and Checkout growth.

Capital allocation

Payoneer repurchased $80M of stock in 4Q25 at a weighted average price of $5.76 and completed $175M of buybacks in 2025 at a $6.41 average price. Common stock repurchases (cash) for FY2025 were ~$173.6M per cash flow table.

Strategic moves & 2026 outlook

Post‑period and late‑2025 strategic actions include the Easylink (China) acquisition, January 2026 acquisition of Boundless (up to $17M total consideration), in‑principle PA‑CB authorization in India, a planned suite of stablecoin capabilities (announced Feb 2026), and an OCC filing to establish an uninsured national trust bank to support stablecoin strategy. 2026 guidance highlights a focus on high‑margin growth, unlocking core profitability and a target for transaction costs of ~15% of revenue (company noted limits on reconciling expected adjusted EBITDA to net income).